❓ Mr. Wyatt questions the doubling of 'Refunds of Past Years Revenue Collections – Public Corporations' in the 2010-2011 State Budget. The Treasurer clarifies the increase is due to the volatile nature of National Tax Equivalent Regime (NTER) refunds and the State's obligation to refund overpaid instalments.
AnsweredQoN 3264Legislative Assembly
QuestionView source ↗
Page 121 of 2010–2011 State Budget Paper No. 2 presents Item 28 and the doubling of ‘Refunds of Past Years Revenue Collections – Public Corporations’ in 2010–2011. In relation to this, I ask:
(a) why is this item estimated to double in size during 2010–2011;
(b) which public corporations are expected to receive this refund; and
(c) is there a statutory obligation, or other stated obligation, to refund this collected revenue?
(a) why is this item estimated to double in size during 2010–2011;
(b) which public corporations are expected to receive this refund; and
(c) is there a statutory obligation, or other stated obligation, to refund this collected revenue?
AnswerView source ↗
Answered
10 August 2010
Response time
48 days
(a) The provision has been increased across the forward estimates period in recognition that past provisions have often not been sufficient to provide for the highly volatile size of National Tax Equivalent Regime (NTER) refunds.
(b) The Insurance Commission of Western Australia has already been refunded $5.4 million as part of a deferred refund for the 2008-09 year. The remaining funds are not currently attributed to any specific agency as refunds can change significantly in both volume and size from year to year with previous performance no indicator of activity across the forward estimates for particular agencies.
(c) Yes, this appropriation meets the State's obligation to refund public corporations that have overpaid NTER instalments. This is consistent with the administrative arrangement by which Commonwealth income taxation laws are notionally applied to State and Territory government-owned enterprises.
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(b) The Insurance Commission of Western Australia has already been refunded $5.4 million as part of a deferred refund for the 2008-09 year. The remaining funds are not currently attributed to any specific agency as refunds can change significantly in both volume and size from year to year with previous performance no indicator of activity across the forward estimates for particular agencies.
(c) Yes, this appropriation meets the State's obligation to refund public corporations that have overpaid NTER instalments. This is consistent with the administrative arrangement by which Commonwealth income taxation laws are notionally applied to State and Territory government-owned enterprises.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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